Tony Elumelu Expresses Concern Over Global Recession

Tony Elumelu, the Chairman of Heirs Oil and Gas (HHOG) Limited and United Bank for Africa (UBA) Plc, has expressed concern over the global recession, saying he is “very worried”

Elumelu made this assertion during an interview on CNN with Richard Quest. 

Even though increases in interest rates have helped control inflation, World Bank reports that a series of rate hikes could push the world into a recession in 2023 which might have a negative effect on the economy.

“I am very worried, but the glass is half full. What I see in emerging markets is that, despite inflation and rising interest rates, the continent offers more prospects than most emerging countries.

“I think that prioritizing the young and investing in their future would help us create ultimately sustainable economic prosperity for all.

"I don’t see despair; I see an opportunity for us to do more in order to produce the kind of prosperity that would move the globe toward more booms rather than recessions,” he added.